After a three-year study of eight tariff-protected U.S. industries, Economist Percy W. Bidwell concluded last week that gradual but deep tariff cuts would not hurt U.S. industry as a whole and would damage only the marginal producers .in import-sensitive industries. "Most of these industries," he wrote, "have been in long-term declines and are characterized by weak financial situations, severe seasonal or cyclical unemployment and wages below the national levels." Bringing down the tariff walls could channel U.S. capital and labor into more productive endeavor.
Bidwell's book, What the Tariff Means to American Industries, was sponsored by the nonpartisan Council on...
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